Thai Airways releases 2nd quarter operational performance results
The company also presented targets for the finalisation of its capital restructuring
Thai Airways International Public Company Limited presented its operational performance results for the period spanning April to June 2024.
The airline and its subsidiaries reported their total expenses, excluding one-time transactions, at 38,056 million baht, 32.1 percent higher than the previous year mainly due to an increase in variable costs.
Operating profit, before financial costs and excluding one-time transactions, was at 5,925 million baht, compared to the 8,576 million baht profit seen in the second quarter of 2023. Q2/2023.
Financial costs, according to Financial Reporting Standard No. 9 (TFRS 9), was 4,796 million baht.
Both Thai Airways and its subsidiaries had one-time items mainly due to loss from foreign exchange and asset impairment resulting in total expenses of 809 million baht.
Consequently, the company in total reported a net profit of 314 million baht; in the same period last year, they reported a net profit of 2,273 million baht.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) after cash paid for aircraft lease payment amounted to 4,401 million baht.
A change of plans in restructuring
Company officials also noted how the airline’s performance elevated corporate governance and management in preparation for the capital restructuring within the end of 2024.
Thai Airways’ capital restructuring consists of debt-to-equity mandatory conversion; the debt-to-equity conversion right; and offering of newly issued shares to its pre-capital restructuring shareholders, THAI’s employees, and selected investors by way of private placement, sequentially.
The airline is also set to file a petition to the Central Bankruptcy Court for the cancellation of the business rehabilitation and THAI’s shares are expected to resume trading on the Stock Exchange of Thailand within the second quarter of 2025.
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